Mortgage Rates Surge

June 21, 2022
Mortgage rates surge
For the week ending June 16, 30-year rates rose to 5.78 from 5.23% the week before.


Mortgage rates surged in the past week and continued moving up after last week’s survey was released. For the week ending June 16, 30-year rates rose to 5.78 from 5.23% the week before. In addition, 15-year loans increased to 4.81% and the average for five-year ARMs rose to 4.33%. A year ago, 30-year fixed rates averaged 2.96%, almost 3.00% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates surged as the 30-year fixed-rate mortgage moved up more than half a percentage point, marking the largest one-week increase in our survey since 1987. These higher rates are the result of a shift in expectations about inflation and the course of monetary policy. Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing market.” 

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated June 17, 2022

Daily Value

Monthly Value

June 16

May

6-month Treasury Security

2.24%

1.49%

1-year Treasury Security

2.88%

2.06%

3-year Treasury Security

3.33%

2.79%

5-year Treasury Security

3.35%

2.87%

10-year Treasury Security

3.28%

2.90%

12-month LIBOR

2.775% (May)

12-month MTA

0.644% (May)

SOFR Index

1.044% (May)

Prime Rate

4.75% (6/22)